Hey DuggyB,
As someone else who was/is in a pretty similar situation to you in terms of looking at the restoration end of that Norton, I would also go with the go for it camp, if at all possible. Since you asked, I kind of agree, from what I've seen of the market in Canada, and if you can convince him to let it go for something in the neighbourhood of $1500, you are not too badly off.
There is a great parts supplier in Canada, Walridge Auto in London, ON. Don't know where you are at, but it can at least save a PILE on shipping vs. ebay and the like or used out of the States at the moment. Their ordering process is more than a little archaic, but once you get over that it's alright.
I also was at a point of maybe buying my Uncles numbers matching '71 Commando from his family, but got a little lucky perhaps in that his best (and estate executor) friend had a word with them, and explained that the bike had really very little value as it sat, and was going to be hundred of hours invested to get it to run. They told me to come pick it up, and he asked me to just get it running at some point as payment. I got lucky, I know, but I also really understand the keeping a family piece of history in the family.
I've also done a fair bit of repair work on other vehicles, and a bunch of Japanese motorcycles, which frankly remain my favourite to work on, and collect. (To be fair, i hear the Commando is fun to ride, and I look forward to being able to.) But if you've got beyond the basic skill, I don't know how this would cost $8000. Granted, I am pretty willing to let ugly stay ugly, and never ever considered having anything re-chromed, or the like, so that changes the budget perspective on a lot of things, but I do consider I am doing a pretty thorough restoration to a safe, running bike which will be as reliable as these things can be expected to be, and I kind of think something like 3.5 to 4.5K isn't unrealistic. Maybe I hit 5K, firstly, I kind of doubt it gets that bad, and in the event I do, you would have to consider that i am a bit pedantic about replacing old wear items, so all the bearings, rubber, cables, gaskets, etc... etc... which might still be good, are going in the bin, and I replaced a fair bit of stuff internally that maybe could have been re-used, pistons, rings, mains bearings, kibblewhite valves, etc... Considering that one is more complete than mine was when I got it, missing a seat, and mufflers, ($400+ for a start) I think you've got a fighting chance of having a running bike for a little less than at least a couple of the figures quoted here.
Hopefully your Uncle comes around, and lets it go to someone who cares a bit. I'd rather have my Uncle back than his bike, very much, but it does make me think he would appreciate the thorough method of the the rebuild, and maybe smile that it will get put back together, crappy orange metallic flake paint and all.
Best of Luck.
Cheers,
Jon
